Fooled by Randomness

The Hidden Role of Chance in Life and in the Markets

By: Nassim Nicholas Taleb

Narrated by: Sean Pratt

Length: 10 hrs and 3 mins

Publisher's summary

This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes.

Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill, the world of trading, this audiobook is a captivating insight into one of the least understood factors of all our lives. In an entertaining narrative style, the author succeeds in tackling three major intellectual issues: the problem of induction, the survivorship biases, and our genetic unfitness to the modern word. Taleb uses stories and anecdotes to illustrate our overestimation of causality and the heuristics that make us view the world as far more explainable than it actually is.

The audiobook is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: Yogi Berra, the baseball legend; Karl Popper, the philosopher of knowledge; Solon, the ancient world's wisest man; the modern financier George Soros; and the Greek voyager Ulysses. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life, but who also falls victim to his own superstitious foolishness.

But the most recognizable character remains unnamed, the lucky fool in the right place at the right time - the embodiment of the "Survival of the Least Fit". Such individuals attract devoted followers who believe in their guru's insights and methods. But no one can replicate what is obtained through chance.

It may be impossible to guard against the vagaries of the Goddess Fortuna, but after listening to Fooled by Randomness we can be a little better prepared.

©2004 Nassim Nicholas Taleb (P)2008 Gildan Media Corp

Critic reviews

"[Taleb is] Wall Street's principal dissident....[ Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther's ninety-nine theses were to the Catholic Church." (Malcolm Gladwell, The New Yorker)
"An articulate, wise, and humorous meditation on the nature of success and failure that anyone who wants a little more of the former would do well to consider." (Amazon.com)

Most of the ideas I had read in different books

What did you like best about Fooled by Randomness? What did you like least?

the ideas in the book are good but not enough examples from real life trading. I heard most of the ideas in other books

What was most disappointing about Nassim Nicholas Taleb’s story?

not a lot of new ideas and not enough personal stories and trading expriences

Definitely Worth It

This book was listed as one of the most intelligent books of it's time. I cannot disagree. I do feel fortunate to have read or listened to moat of the books and and authors referenced by the author as it was a big help.

Powerful concepts everyone should understand

Taleb's text comes across as sometimes annoyingly elitist, even pompous at times, but if you get beyond that, he's saying some incredibly important things that all would do well to understand. In particular, understanding the "survivor bias" concept he talks about will really shed new light on much of the "journalism" and "analysis" that we see in the world today.

Taleb's writing style (and attitude) can detract from his points. Sometimes he makes a great point that could be really driven home with real-world examples, but he seldom delivers. He often jumps around between concepts. The same material would probably be better served if he worked more closely with an editor or another writer to put this together, but you should still be able to distill out the great bits. Definitely an eye-opening book.

It changes the way you think

The best book that train you about yourself. A mind changing with beautiful and uncertainty implications.

it's not "The Black Swan"

Read "The Black Swan" instead, and come back to this if you just want more NNT (like me). This book and you get in the weeds more, which is good in a sense, but The Black Swan was his masterpiece. Also, the voice actor for this one doesn't seem to be the best fit for the tone and style of NNT's writing, which is the best part of NNT. For someone who knows how to enjoy literature, some few authors become so beloved to you that you think of them as friends, and you love them.. flaws and all. NNT is becoming that for me.

Random indeed!

Using Wittgenstein ruler, this review will probably reveal more about my opinions and or shortcomings than the book’s. In any case, here goes.

I felt the authors thoughts were all over the place, and perhaps that was his intention. There is insightful information to be found but you have to weave the thread amidst the seemingly random anecdotes and stories presented.

The narration is humurous at times, in a sarcastic way, and condescending at others to the point of being snobbish. Reactions to this narrator could also be unpredictable.

I think the most important thing you can take away from this title is to open up to different points of views. You might have to change your mind about concepts you hold dear or simply reject new ideas presented. Don’t get too attached to your opinions. Detachment is key although rather difficult. After all we’re only human, guided by our emotions and bound to be wrong.

Last thought or question, how many other possible outcomes in your life are you contemplating if the one you foresee doesn’t materialize, and how will you react if they occur?

Read It Now

I had avoided Taleb for years based on his reputation. Finally, I took the plunge and am glad I did. Brilliant analysis that will change how you look at the world.

Another Journey Through Taleb's Philosophy

Where does Fooled by Randomness rank among all the audiobooks you’ve listened to so far?

I have previously listened to The Black Swan, and Antifragile, so I was a little worried this earlier work wouldn't measure up. Happily, this book dives deeper into aspects of Randomness that were only touched on in the later work. I wouldn't say there is a particular order to these books, and if you've listened to other works by Taleb this one will be familiar, but not repetitive.

What was the most compelling aspect of this narrative?

We are not equipped to understand randomness, merely to see more examples of it. Tools, like mathematics, help us understand what randomness might be like, but at the end of the day abstraction is not reality. Certainty is allusive.

Which scene was your favorite?

Having met the character of Nero in the later books, I enjoyed the introductions about him in this early work.

If you were to make a film of this book, what would the tag line be?

From the depths of randomness, a new hero emerges.

Any additional comments?

Initially I was disappointed in the narrator's performance of this work relative to the follow-on works, but eventually it started to feel "normal".

Brought to life

This is such an amazing book, and it's really brought to life by the narrator.

Smart but obtuse

There are some nuggets of wisdom in here but they're buried under ramblings and the author obliquely telling you how smart he is/other people are not. All things considered, this was too Strausian for me.